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NEW YORK, NY, July 9, 2009 — Validus Holdings, Ltd. today announced that it has entered into a definitive agreement to acquire IPC Holdings, Ltd. for approximately $1.65 billion in cash and Validus voting common shares. The combination will create a leading Bermuda carrier in the short-tail reinsurance and insurance market with $3.4 billion in shareholders’ equity. Covington & Burling LLP advised Greenhill & Co., Inc., financial advisor to Validus, on the transaction. Validus, through its principal operating subsidiary Validus Reinsurance, Ltd., is a global provider of short-tail lines of reinsurance including property catastrophe, property pro-rata and property per risk, marine and energy, and other specialty lines. IPC is an international catastrophe reinsurer based in Bermuda. The Covington team was led by partner J. D. Weinberg and included associate Russell Valdez. Both are resident in the firm’s New York office.